Topic: Is it just me or is the market dominance of BTC dangerously high? (Read 1069 times)
Bitcoin for obvious reason is the number crypto in terms of price market capitalization. It is the go-to crypto-currency and has wider recognition among crypto enthusiast . For these and many more reason bitcoin dominance should not be difficult to account
August 01, 2019, 07:43:24 AM
Bitcoin dominance has always been high, but now, due to low alts prices, dominance has increased and I think it will be difficult to reduce it
August 01, 2019, 07:25:40 AM
when the crypto market experienced a disaster at the end of 2017, the market dominance dropped dramatically, especially altcoin, then when the market started to rise again, people bought for the first time, bitcoin, because bitcoin is the most popular and trusted coin compared to any altcoin, so it's natural bitcoin dominance will be very high compared to altcoin
In my opinion, the dominance of bitcoin is very strong at this time because of the strengthening of the price of bitcoin amid a decline in the total transactions on the cryptocurrency market. What happened in 2017 was different because the market cap value of cryptocurrency grew significantly and even exceeded $ 700 billion while the market cap value was now at $ 270 billion
August 01, 2019, 06:04:34 AM
I've been following Bitcoin's market dominance for a while now. And before the current bullish trend, it used to decrease as the market was growing. I even noticed the correlation between the prices going up and the dominance going down and vice versa. Take a look at this interesting chart: https://coinmarketcap.com/charts/#dominance-percentage. Specifically, at what happened at the end of 2017. Bitcoin's price sky-rocketed, but so did the prices of altcoins. They were kind of fueling each other and thriving. Bitcoin going up coincided with the market of cryptocurrencies expanding, and alts taking up a bigger and bigger part of it. BTC dominance went almost as low as 30% back then.
When the prices started going down, Bitcoin's dominance was growing. People were selling their cryptos a lot, but some of them were selling altcoins for Bitcoin, so it actually lost less than others. When the prices started to go up in April, I thought that 2017 would repeat itself with Bitcoin giving more space for other coins as the market recovers. Instead, what we see is Bitcoin recovering at the expense of altcoins with market dominance now being above 60%.
What do you think about this phenomenon? Is the time of altcoins over, or is it just temporary?
When the prices started going down, Bitcoin's dominance was growing. People were selling their cryptos a lot, but some of them were selling altcoins for Bitcoin, so it actually lost less than others. When the prices started to go up in April, I thought that 2017 would repeat itself with Bitcoin giving more space for other coins as the market recovers. Instead, what we see is Bitcoin recovering at the expense of altcoins with market dominance now being above 60%.
What do you think about this phenomenon? Is the time of altcoins over, or is it just temporary?
I think that this event is only temporary ... because the altcoin will rise again at the right time ... and I'm sure in the next few months the altcoin will return to a better price as we expected ... because currently the price of bitcoin isn't stable thus making the altcoin difficult to rise ...
July 28, 2019, 07:06:10 AM
when the crypto market experienced a disaster at the end of 2017, the market dominance dropped dramatically, especially altcoin, then when the market started to rise again, people bought for the first time, bitcoin, because bitcoin is the most popular and trusted coin compared to any altcoin, so it's natural bitcoin dominance will be very high compared to altcoin
July 28, 2019, 06:01:34 AM
I think all of this is temporary because all we know that price of bitcoin and also altcoin is very unpredictable and fast moving. And I dont see any problem about this because it is all about your strategy. All of crypto are there is no consistent value,from the start we already knew that. According to my observation when bitcoin is in a good price,altcoin price will fall and I think that is normal scenario
Yes, this is temporary situations for bitcoin to stay at the lower price because after this, we will see bitcoin will start to rally and who knows, the price can break higher price more than the high price before. We already have this experience before, and I don't think that there is something we need to worry because everything will be back to the higher price again. We need to be patient and don't panic if once again, bitcoin price down again because that means we have a chance to buy bitcoin again.
July 28, 2019, 05:03:10 AM
Well,,, you must be glad that it is going down again right now,,, will take a while I think before it can climb up so high again. Many people think this is a good thing but me personally, I am happy if BTC is hitting a dominance equal to my proportion of coins (over 80% at any one time). I bet big on bitcoin:)
July 28, 2019, 05:00:44 AM
I think all of this is temporary because all we know that price of bitcoin and also altcoin is very unpredictable and fast moving. And I dont see any problem about this because it is all about your strategy. All of crypto are there is no consistent value,from the start we already knew that. According to my observation when bitcoin is in a good price,altcoin price will fall and I think that is normal scenario
July 28, 2019, 04:39:35 AM
Which shows that there is a a little bit less speculation into other alts and more confidence in Bitcoin as the strongest currency.
it usually happens when the pump is only experienced by bitcoin and altcoin doesn't follow it. dominance still belongs to bitcoin and if it continues, it will be bad for altcoin. Bitcoin's popularity is undefeated if he experiences the next pump. and hopefully this time the altcoin follows where bitcoin goes.It will be bad for altcoin? But it will also be good for Bitcoin. It's important that the best currency wins and Bitcoin is the best in da house.
July 28, 2019, 03:13:09 AM
BTC dominance is 65%!
If you look at this graph: https://coinmarketcap.com/charts/#dominance-percentage BTC dominance could be even 85% before altcoin season! So do not panic and stay in altcoins if you already bought.
If you look at this graph: https://coinmarketcap.com/charts/#dominance-percentage BTC dominance could be even 85% before altcoin season! So do not panic and stay in altcoins if you already bought.
July 28, 2019, 02:44:35 AM
Bitcoin domination has fallen, that somehow help altcoins to move upwards recent days. It is hard to predict exactly where bitcoin will drop to and halt its falls, but I guess that bitcoin might have its serious correction this time, and might retest its support around $8000. Let's see how its correction occur next two weeks. Today, bitcoin domination fell to 64.5%.
I am sure it will regain its dominance back, and like you said, we are still in correction phase, it’s looking like bitcoin would not gain dominance again for now because I think this should still be the longest correction we have ever witnessed ever since bitcoin rose to $13800 and could not break further barriers. I am not so sure that altcoins are even responding to bitcoin fall right now, most altcoins are still the same way they have always been, in fact has bitcoin falls in price, majority of them also falls in price, I don’t even know which direction they want to go, because some alts decline when bitcoin declines, while they still continue to decline when bitcoin increase, I am just waiting to see the effect of altcoins season on them when the time comes for alts to moon.
July 27, 2019, 05:04:20 AM
I do not like this problem too, because the dominance level is extremely high and it does not allow altcoins to grow. We already had such an issue, but it should go down within few months letting altcoins to grow normally.
July 26, 2019, 03:38:20 PM
I do think that every thing that happens in this crypto market is temporary and I also believe that this one is the same thing. It is never a permanent case, though I have seen a lot of experts predicting since 2018 that if Bitcoin should pump this year, then most of the altcoins are going to die off. I don’t really know about that, no one is really sure about anything that happens in this market.
Maybe altcoins are not going to die off, but it is going to be something temporary and not a permanent thing. Altcoins dying off has been a normal thing in this market, there are lots of them joining the market and there are also lots of them that are dying off completely.
Maybe altcoins are not going to die off, but it is going to be something temporary and not a permanent thing. Altcoins dying off has been a normal thing in this market, there are lots of them joining the market and there are also lots of them that are dying off completely.
July 26, 2019, 03:59:12 AM
With so many scams undergoing through Alt coin market, a low adaptation of Alt for payment, and other frauds, Bitcoin has been the one that has gain people’s trust. In near, 2020, Bitcoin’s price will surely skyrocket. Alt coins are not dead, but comparing them with a coin that is very limited in number, therefore, of a greater value seems a bit unfair according to me.
July 25, 2019, 10:39:08 PM
Bitcoin domination has fallen, that somehow help altcoins to move upwards recent days. It is hard to predict exactly where bitcoin will drop to and halt its falls, but I guess that bitcoin might have its serious correction this time, and might retest its support around $8000. Let's see how its correction occur next two weeks. Today, bitcoin domination fell to 64.5%.
July 25, 2019, 03:36:36 PM
Bitcoin is the king and King can live without alts. Altcoins Are going down and their money is being absorbed by Bitcoin and rest of the money is flushed into the real world. bitcoin dominance is high yet it was still a lot of to cover, I believe bitcoin is still gonna crush altcoins more and it's just halfway. bitcoin will soon gonna reach 20k $ mark and altcoins are still gonna rise don't lose your hopes. I know many people are moving toward better options but bitcoin is now too heavy to make bigger profits and altcoins are still young and light you can possibly make 2x or 3x or even higher if you invest in altcoins in the right time.
July 24, 2019, 10:12:15 PM
What I'm curious about is if btc could even survive without a proper alt market. It's not like btc's volume mostly comes from actual use -- nobody really uses btc to buy goods. There is of course btc trading for fiat, but I expect a large percentage of btc volume involves trading with alts. But when dominance is this high, alt volume goes down ... so eventually if alts get crushed into smithereens, and btc dominance goes crazy, who will be trading btc for alts anymore?
Make no mistake, alts need bitcoin but the same is not true for bitcoin, most people that invest in alts do not really believe in the promises of their developers, the only thing they want is for alts to grow faster than bitcoin so they can get more bitcoin in the process, if alts disappeared and all the money in the market was invested in bitcoin then we will be close to the all time high and you can be sure there will be an intense activity in all exchanges as people speculate how high the price will go this time.But that's the thing, why should we assume all money currently invested in alts would magically go into btc instead? It seems like too many folks invest with money they really can't afford to lose, so if alts get crushed, why assume they'd take whatever is left and put it into btc? More likely they'd be at such a loss, they wouldn't have that much money to put into btc to begin with. And some may be so annoyed with crypto in general, they'd just avoid the markets entirely.
I agree that most folks use alts as a way to speculate in order to gain more btc. But if alts didn't exist, I wouldn't just automatically assume everyone would flock to btc. I'd also be curious what btc's volume would look like once we remove exchange volume for alts... I certainly don't think it'd look like it is now.
July 24, 2019, 04:22:59 PM
What I'm curious about is if btc could even survive without a proper alt market. It's not like btc's volume mostly comes from actual use -- nobody really uses btc to buy goods. There is of course btc trading for fiat, but I expect a large percentage of btc volume involves trading with alts. But when dominance is this high, alt volume goes down ... so eventually if alts get crushed into smithereens, and btc dominance goes crazy, who will be trading btc for alts anymore?
Make no mistake, alts need bitcoin but the same is not true for bitcoin, most people that invest in alts do not really believe in the promises of their developers, the only thing they want is for alts to grow faster than bitcoin so they can get more bitcoin in the process, if alts disappeared and all the money in the market was invested in bitcoin then we will be close to the all time high and you can be sure there will be an intense activity in all exchanges as people speculate how high the price will go this time. July 24, 2019, 12:35:48 PM
I've been following Bitcoin's market dominance for a while now. And before the current bullish trend, it used to decrease as the market was growing. I even noticed the correlation between the prices going up and the dominance going down and vice versa. Take a look at this interesting chart: https://coinmarketcap.com/charts/#dominance-percentage. Specifically, at what happened at the end of 2017. Bitcoin's price sky-rocketed, but so did the prices of altcoins. They were kind of fueling each other and thriving. Bitcoin going up coincided with the market of cryptocurrencies expanding, and alts taking up a bigger and bigger part of it. BTC dominance went almost as low as 30% back then.
When the prices started going down, Bitcoin's dominance was growing. People were selling their cryptos a lot, but some of them were selling altcoins for Bitcoin, so it actually lost less than others. When the prices started to go up in April, I thought that 2017 would repeat itself with Bitcoin giving more space for other coins as the market recovers. Instead, what we see is Bitcoin recovering at the expense of altcoins with market dominance now being above 60%.
What do you think about this phenomenon? Is the time of altcoins over, or is it just temporary?
When the prices started going down, Bitcoin's dominance was growing. People were selling their cryptos a lot, but some of them were selling altcoins for Bitcoin, so it actually lost less than others. When the prices started to go up in April, I thought that 2017 would repeat itself with Bitcoin giving more space for other coins as the market recovers. Instead, what we see is Bitcoin recovering at the expense of altcoins with market dominance now being above 60%.
What do you think about this phenomenon? Is the time of altcoins over, or is it just temporary?
BTC has been dominating from the first but after 2017, the dominance percentage was nearly 50%. From April 2019, the dominance % has increased to 63%. It is dangerous for the growth of crypto market especially altcoins market. Maximum coins are at the edge of destruction.
What I'm curious about is if btc could even survive without a proper alt market. It's not like btc's volume mostly comes from actual use -- nobody really uses btc to buy goods. There is of course btc trading for fiat, but I expect a large percentage of btc volume involves trading with alts. But when dominance is this high, alt volume goes down ... so eventually if alts get crushed into smithereens, and btc dominance goes crazy, who will be trading btc for alts anymore?
July 24, 2019, 12:18:03 PM
Which shows that there is a a little bit less speculation into other alts and more confidence in Bitcoin as the strongest currency.
it usually happens when the pump is only experienced by bitcoin and altcoin doesn't follow it. dominance still belongs to bitcoin and if it continues, it will be bad for altcoin. Bitcoin's popularity is undefeated if he experiences the next pump. and hopefully this time the altcoin follows where bitcoin goes.Jump to: